Southern Copper Corporation $SCCO Shares Acquired by Meeder Asset Management Inc.

Key Points

• Meeder Asset Management dramatically increased its Southern Copper stake in Q1, boosting holdings by 21,331.7% to 8,787 shares worth about $1.51 million.
• Southern Copper announced a 1.012-for-1 stock split and raised its quarterly dividend to $1.10 per share, up from $1.00, for an annualized yield of about 2.5%.
• Wall Street sentiment remains mixed to bearish: the stock has an average rating of “Reduce” with an average price target of $148.10, even as shares recently traded around $175.20.

Meeder Asset Management Inc. lifted its stake in shares of Southern Copper Corporation (NYSE:SCCO - Free Report) by 21,331.7% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 8,787 shares of the basic materials company's stock after acquiring an additional 8,746 shares during the period. Meeder Asset Management Inc.'s holdings in Southern Copper were worth $1,512,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Royal Bank of Canada increased its position in Southern Copper by 42.1% during the first quarter. Royal Bank of Canada now owns 44,879 shares of the basic materials company's stock worth $4,194,000 after purchasing an additional 13,293 shares during the last quarter. Empowered Funds LLC boosted its holdings in Southern Copper by 17.9% in the 1st quarter. Empowered Funds LLC now owns 6,705 shares of the basic materials company's stock valued at $627,000 after purchasing an additional 1,020 shares during the last quarter. Focus Partners Wealth boosted its holdings in Southern Copper by 21.5% in the 1st quarter. Focus Partners Wealth now owns 5,944 shares of the basic materials company's stock valued at $556,000 after purchasing an additional 1,052 shares during the last quarter. First Trust Advisors LP grew its stake in shares of Southern Copper by 37.4% in the 2nd quarter. First Trust Advisors LP now owns 73,379 shares of the basic materials company's stock valued at $7,424,000 after buying an additional 19,957 shares during the period. Finally, Baird Financial Group Inc. grew its stake in shares of Southern Copper by 17.7% in the 2nd quarter. Baird Financial Group Inc. now owns 4,864 shares of the basic materials company's stock valued at $492,000 after buying an additional 731 shares during the period. Institutional investors and hedge funds own 7.94% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on SCCO shares. The Goldman Sachs Group raised shares of Southern Copper from a "sell" rating to a "neutral" rating and set a $178.00 price target on the stock in a research report on Friday, April 10th. Wall Street Zen upgraded Southern Copper from a "hold" rating to a "buy" rating in a research report on Saturday, June 27th. Barclays reissued an "underweight" rating and set a $160.00 target price (up from $148.00) on shares of Southern Copper in a research note on Wednesday, July 15th. UBS Group reaffirmed a "sell" rating and issued a $160.00 price target (up from $145.00) on shares of Southern Copper in a research note on Tuesday, June 30th. Finally, Citigroup reiterated a "positive" rating on shares of Southern Copper in a report on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, three have issued a Hold rating and seven have assigned a Sell rating to the company. According to MarketBeat.com, Southern Copper currently has an average rating of "Reduce" and an average target price of $148.10.

Southern Copper Stock Up 1.6%

Shares of NYSE SCCO opened at $175.20 on Tuesday. The firm has a market cap of $144.73 billion, a price-to-earnings ratio of 28.96, a PEG ratio of 1.47 and a beta of 1.11. The company has a quick ratio of 3.89, a current ratio of 4.38 and a debt-to-equity ratio of 0.57. Southern Copper Corporation has a 52-week low of $88.73 and a 52-week high of $223.88. The business's 50 day moving average is $180.83 and its two-hundred day moving average is $182.47.

Southern Copper shares are set to split on Tuesday, August 11th. The 1.012-1 split was recently announced. The newly issued shares will be issued to shareholders after the closing bell on Monday, August 10th.

Southern Copper Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 27th. Stockholders of record on Tuesday, August 11th will be paid a $1.10 dividend. The ex-dividend date of this dividend is Tuesday, August 11th. This is a boost from Southern Copper's previous quarterly dividend of $1.00. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.5%. Southern Copper's payout ratio is presently 66.12%.

Insider Activity

In related news, Director Bonilla Luis Miguel Palomino sold 200 shares of the business's stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $177.82, for a total value of $35,564.00. Following the sale, the director owned 1,807 shares in the company, valued at approximately $321,320.74. The trade was a 9.97% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last quarter, insiders sold 404 shares of company stock valued at $74,108. 0.07% of the stock is currently owned by insiders.

Southern Copper Profile

Southern Copper Corporation NYSE: SCCO is a large, integrated copper producer whose operations span the full value chain from exploration and mining to smelting, refining and the sale of copper and other metal products. The company produces a range of copper products including copper concentrate and refined cathodes, and recovers valuable byproducts such as molybdenum, silver and zinc. Southern Copper concentrates on high-volume, long-life assets designed to support steady production and processing capabilities.

Southern Copper's operations are concentrated in Peru and Mexico, where it owns and operates multiple large-scale mining and processing facilities.

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